Statistics published by the Spanish government show that property prices in Spain have increased during the second quarter of 2018 by 6.8%.
The current market value of Spanish housing is 2.6% higher compared to the second quarter of 2017. It was also reported that the national property price index is 23.9% higher than it was four years ago.
Property prices throughout Spain have risen, however, there are many variations between the 17 regions in the country. The capital, Madrid, has seen its property prices increase by a substantial 10.1% over the past year when the region of Castilla-La Mancha only encountered a 1.5% rise.
The popular area of Murcia is another example of a Spanish region with little growth in its property prices (increasing just 1% on 2017). The large demand for property in the Murcia area, however, has barely affected the prices; the property price index is still only 9% higher than it was in 2014 when property prices were at their lowest. This may reflect the slack in the market because of the high number of property in that area that has been on the market for some time or were partly built.
The government’s figures also highlighted an improvement in mortgage activity in Spain, detailing that the number of properties bought through mortgage loans is up by 14.6%. According to the statistics, all regions of Spain have experienced an increase; with the region of Extremadura seeing the most significant increase of 38.9%. Other areas experiencing large mortgage rises are Comunidad Valenciana and La Rioja, both rising by 28.1%, and Madrid which increased by 27.5%
This may now be the time to fulfil that long held dream and buy a property in Spain.
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